ICOC Proposition S Handout July 16, 2009
Proposition S Monthly Controls Status Report June 2009
San Diego Unified School District Facilities Planning and Construction Division
All Data as of May 31, 2009
June 09
Proposition S Summary Starting Balance Prop S Bond Sales Received State Facility Program (Fund 35) Projected Revenue 09/10 FY Projected Revenue Pre-June 30, 2008 Expenditures (Fast Start Program) 2008 / 2009 Expenditures to Date Total Expenditures-to-Date 2009-2010 Planned Expenditures Projected Fund Balance - June 30, 2010 2008 / 2009 Expenditures-to-Date Expended to date Current Month 2,692,146 286,905 3,590,304 1,189,603 1,810,139 405,071 8,092,589 1,881,579 0 170,000,000 26,724,939 196,724,939 250,169 8,092,589 8,342,758 151,698,400 36,683,781
Category Planning & Design Construction Program Management Office Total Obligated-to-Date
Last Month 27,008 162,833 135,521 325,362 29,207,182
Proposition S status: • Proposition S program is slightly behind schedule but under budget as measured against the three-year plan. - Some of the projects have realized delays due to the longer Division of State Architect (DSA) review process. The DSA review process is now averaging nine months instead of the planned six month duration. - Estimated reduced construction costs for the near term is the primary factor in the current budget under-run. • Due to the recently revised downward Proposition S Bond Sales (May revision), the project execution plan is under revision. The total Proposition S Bond Proceeds is $45M less than the March 24, 2009 plan. To meet the revised revenue forecast, projects are being prioritized and project start dates will be delayed from the current plan. The revised plan will be presented to BOE for approval in July.
2
June 09
Trends
Engineering News Record's most recent Construction Cost Index, Building Cost Index, Materials Cost Index, which are updated monthly. Tables include monthly and annual percent changes. ENR’s most recent data is shown here:
Construction Cost Index (CCI) Despite a 0.1% increase in the CCI this month, the annual rate of increase for the index fell from 5.3% to 4.8%.
20-CITY: 1913 = 100 Construction Cost Common Labor WAGE $/HR. Jun-09 Index Value % change Month % change Year
8578.28 18201.18 34.58
Jun-09 Index Value
0.1 0.2 0.2
% change Month
4.8 6.2 6.2
% change Year
Builder Cost Index (BCI)
A 0.6% decline in the BC's materials component offset a 0.3% increase in the index's labor component.
20-CITY: 1913 = 100 Building Cost Skilled Labor WAGE $/HR.
4770.53 8191.35 45.46
Jun-09 Index Value
-0.1 0.3 0.3
% change Month
2.8 4.8 4.8
% change Year
Material Cost Index (MCI)
Lower steel prices overpowered modest gains in cement and lumber prices, driving the MCI down 0.6% this month.
20-CITY: 1913 = 100 Materials CEMENT $/TON STEEL $/CWT LUMBER $/MBF
2680.38 100.82 44.02 411.4
-0.6 0.2 -1.2 0.4
-0.7 0.5 0.5 -3.6
• •
The Common Labor Index is the labor component of ENR’s Construction Cost Index and tracks the union wage, plus fringe benefits, for laborers. The Skilled Labor Index is the labor component of ENR’s Building Cost Index and tracks union wages, plus fringe benefits, for carpenters, bricklayers and iron workers.
What to watch for: • Revised projections for Assessed Value for properties within San Diego Unified School District. • Changes in bidding climate with upcoming area San Diego area projects due to Federal Stimulus funds for “shovel-ready” projects
3
June 09
Total Program Overview
Total Program Value $2.1B
250
200
Construction, $23.7 , 1% Award, $34.1 , 2% Design, $388.5 , 19%
Closeout, $- , 0% Completed, $- , 0%
150
100
50
Planning, $1,653.7 , 78%
Planning Design Aw ard
0
220 177 34 2 7 0 0
Construction Closeout Completed
4
June 09
Modernization Projects Overview
WSM Project Value $1.54B
250
200
Construction, $23.7 , 2% Award, $3.3 , 0% Design, $419.3 , 27%
Closeout, $- , 0% Completed, $- , 0%
150
100
50
Planning, $1,097.5 , 71%
Planning Design Aw ard
0
213 172 33 1 7 0 0
Construction Closeout Completed
5
June 09
Rebuilt / New Schools Overview
New/ Rebuilt Schools Project Value $193M
Design, $- , 0% Aw ard, $- , 0% Construction, $- , 0% Closeout, $- , 0% Completed, $- , 0%
7
6
5
4
3
2
1
0 Planning Design Aw ard Construction Closeout Completed
6 6 0 0 0 0 0
Planning, $193.1 , 100%
6
June 09
Technology Overview
Technology Program Value $354.2M
4
Construction, $, 0% Closeout, $- , 0% Award, $30.8 , 9% Design, $49.9 , 14% Completed, $, 0%
2 3
1
Planning, $273.4 , 77%
0 Planning Design Aw ard Construction Closeout Completed
4 1 2 1 0 0 0
7
June 09
2009-10 Planned Income & Funding Sources Total $196,724,939
2009-10 Planned Expenditures Total $151,698,400
$25,162,939
$1,562,000
$24,747
$54,957,100
$82,950,055
$13,766,498
$170,000,000
Prop. S Bond Proceeds Emergency Repair Projects (Williams Act)
Prop. S Generated SFP
Technology Projects Construction
Design FF&E
8
June 09
Proposition S Bond Issuance Table
$500
$450
$400
$350
$300
Millions
$250
$200
$150
$100
$50
$Goal Actual
09-10 $170 $170
10-11 $100 $-
11-12 $75 $-
12-13 $80 $-
13-14 $80 $-
14-15 $80 $-
15-16 $85 $-
16-17 $85 $-
17-18 $95 $-
18-19 $110 $-
19-20 $130 $-
20-21 $150 $-
21-22 $175 $-
22-23 $210 $-
23-24 $475 $-
Fiscal Year
9
Goal
Actual
Goals revised 4/22/09
June 09
Tax Credit Series B Bonds: The following projects have been designated to fulfill the Tax Credit Series B requirements. Only the construction contracts will be cost-coded and tracked against this fund up to the amount of the actual bond sale proceeds.
Project Description
Project Type
Estimated / actual Construction Value $ $ $ $ $ $ $ $ $ $ $ $ $ 1,932,423 5,414,000 1,555,000 1,995,000 4,300,000 954,537 1,789,325 843,091 1,912,945 5,078,595 3,591,357 152,121 4,186,375
San Diego HS Track and Field Hoover HS ORG San Diego HS Multimedia CTE Garfield HS Culinary CTE Pt Loma HS ORG Pt Loma Music Rm Conversion EB Scripps ES A/C San Diego HS School of Bus Mgmt San Diego HS Culinary Arts Morse HS Autobody CTE Morse HS Culinary CTE Muirlands MS ADA Ramp Clairemont HS NATEF Automotive CTE
Rehab New Rehab Rehab New Rehab Rehab Rehab Rehab New Rehab Rehab New & Rehab
10
June 09
State Fund Application Goals / Actual Receipts
$30,000,000
$25,000,000
$20,000,000
$15,000,000
$10,000,000
$5,000,000
$Goal Actual
11
2009-10 $25,162,939 $-
2010-11 $18,672,761 $-
2011-12 $4,886,914 $-
2012-13 $27,713,419 $June 09
Total Indicated Costs (TIC) Comparison $2.80 $2.70 $2.60 $2.50 $2.40 Low TIC, $2.35 $2.30 PM Forecast, $2.27 $2.20 Prop S Budget $2.10 $2.00 Jan09 Apr09 Jul09 Oct09 Jan10 Apr10 Jul10 Oct10 Quarter
12 June 09
High TIC, $2.70
Billions
All Funds Budget
Jan11
Apr11
Jul11
Oct11
Jan12
Apr12
Jul12
Millions
13
-100 100 200 300 400 500 0 Fund balance 100 State Match Months Buffer Cumulative Expenditures Funds Received Cumulative 75 Prop S Bond Proceeds
Ju lAu 09 gSe 09 pO 09 ct -0 No 9 vDe 0 9 c0 Ja 9 nFe 1 0 bM 10 ar -1 Ap 0 rM 10 ay -1 Ju 0 n1 Ju 0 l-1 Au 0 gSe 10 pO 10 ct -1 No 0 vDe 1 0 c1 Ja 0 nFe 1 1 bM 11 ar -1 Ap 1 rM 11 ay -1 Ju 1 n1 Ju 1 lAu 11 gSe 11 pO 11 ct -1 No 1 vDe 1 1 c1 Ja 1 n12
3-Year Cash Flow Plan Reduced Proposition S Bond Proceeds
June 09
3-Year Cash Flow Plan Five Year Tech / Delay Selected Modernization Construction
450 400 350 300 250 200 150 100 50 0 100 75
Millions
14
Ju lAu 09 gSe 09 pO 09 ct -0 No 9 vDe 0 9 c0 Ja 9 nFe 1 0 bM 10 ar -1 Ap 0 rM 10 ay -1 Ju 0 n1 Ju 0 lAu 10 gSe 10 pO 10 ct -1 No 0 vDe 1 0 c1 Ja 0 nFe 1 1 bM 11 ar Ap 11 rM 11 ay -1 Ju 1 n1 Ju 1 l-1 Au 1 gSe 11 pO 11 ct -1 No 1 vDe 1 1 c1 Ja 1 n12
Months Prop S Bond Proceeds Cumulative Expenditures State Match Funds Received Cumulative Buffer Tech Cumulative Fund balance
June 09
3-Year Cash Flow Plan - Six- Year Tech Delay Selected Modernization Construction
Millions
450 400 350 300 250 200 150 100 50 0 100 75
15
Ju lAu 09 gSe 09 pO 09 ct -0 No 9 vDe 0 9 c0 Ja 9 nFe 1 0 bM 10 ar -1 Ap 0 rM 10 ay -1 Ju 0 n1 Ju 0 lAu 10 gSe 10 pO 10 ct -1 No 0 vDe 1 0 c1 Ja 0 n1 Fe 1 bM 11 ar -1 Ap 1 rM 11 ay -1 Ju 1 n1 Ju 1 l-1 Au 1 gSe 11 pO 11 ct -1 No 1 vDe 1 1 c1 Ja 1 n12
Months Prop S Bond Proceeds Cumulative Expenditures State Match Funds Received Cumulative Buffer Tech Cumulative Fund balance
June 09